Spanish oil firm Repsol has submitted a revised development plan for the Yme field to the Norwegian Government.
Repsol wants to develop the field with a new wellhead module.
It also wants to lease a mobile offshore drilling and production unit.
The new development is expected to cost £715million (NOK 8billion).
The project partners are going after 65million barrels over 10 years, with first slated for the first half of 2020.
The first rig built for the field had to be evacuated in 2012 due to concerns it could collapse.
It was taken to the Lutelandet yard in Norway for scrapping.
The existing storage tank, caisson, pipelines, subsea templates and offloading system will be reused.
All existing wells will be used and further wells will be drilled.
Repsol operated the field and owns a 55% stake.
Lotos Exploration and Production Norge has 20%, OKEA is on 15%, and Kuwait’s KUFPEC owns 10%.